Permission to hold foreign general insurance policies required; proceeds from premiums remitted from India must be repatriated within seven days. A person resident in India may take or continue to hold a general insurance policy issued by an insurer outside India only under specific or general permission of the Central Government; persons who acquired policies while non-resident may continue them. If a premium was paid by remittance from India, maturity proceeds or claim amounts must be repatriated to India through normal banking channels within seven days of receipt.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Permission to hold foreign general insurance policies required; proceeds from premiums remitted from India must be repatriated within seven days.
A person resident in India may take or continue to hold a general insurance policy issued by an insurer outside India only under specific or general permission of the Central Government; persons who acquired policies while non-resident may continue them. If a premium was paid by remittance from India, maturity proceeds or claim amounts must be repatriated to India through normal banking channels within seven days of receipt.
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